Benchmark index is likely to trade volatile today. Index has support at 22800 - 22750 level and resistance at 23150 - 23200 level - Monarch Networth Capital Ltd
TECHNICAL OUTLOOK
* Benchmark index traded with positive bias yesterday as it closed with 1.64% gain at 22968 level. Banking index outperformed the benchmark index as it closed with 2.06% gain at 48769 level.
* India VIX closed with 0.41% cut at 21.38 level.
* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 2.25% gain while NIFTYPHARMA index underperformed as it closed with 0.52% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.48% and 0.19% gains respectively
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) closed flat while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today. Index has support at 22800 - 22750 level and resistance at 23150 - 23200 level.
* Banking index is likely to trade in line with the benchmark index today with support at 48300 -48000 level and resistance at 49100 - 49300 level.
* HINDUNILVR closed with positive candlestick pattern and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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